Investors in Royal Bank of Scotland told the bank to set up a committee of shareholders to improve its corporate governance and help avoid repeat of mistakes that led to the 45-billion-pound bailout by the government. Around 160 investors have signed a petition in this regard. ShareSoc and UKSA, two shareholder groups, will submit the proposal at the bank’s next annual meeting in May. The intention, they say, is to take of the interests of long-term investors who have seen RBS shares fall more than 95% since their 2007 peak. The shareholders want to improve the representation of individual retail investors in how the bank is run and to avoid a repeat of past mistakes. For such a resolution to pass, it would need at least 75% of shareholder votes cast at the meeting. That means the government, which holds 71% of shares in the bank, would need to support it or abstain for it to go through.
